Before we switched to Verve, our experience with compliance providers was frustrating – the process felt incredibly disjointed.
Over a period of four to five years, we worked with three or four different compliance consultants and file checkers. The tools we were given were rudimentary at best - a basic website with documentation where you were simply signposted to templates. For instance, if we needed a data protection policy, there was a template on the website, but that was the extent of their involvement.
It became clear that this approach wasn’t working for us, and it prompted me to start looking for alternatives. We considered other major providers, but nothing felt like the right fit. Then someone recommended what was then Apricity. From the first conversation I had with Christian, I could tell this would be different. The team had worked in advisory businesses before, which was crucial because it meant that they understood how we operated. Straight away, I felt like we were on the same page.
Switching providers is never straightforward. We had to give six months’ notice to our previous compliance partner, which was a painful process. But once Verve came on board, things started to change for the better.
One of the first things the team did was conduct a comprehensive audit of our compliance framework. They produced a 10-page, traffic-lighted document that graded everything we had in place. Unsurprisingly, there were a few gaps - a legacy from the way our previous partner had operated - but Verve provided us with a clear roadmap to address them. I hesitate to use the phrase ‘game changer’ but that’s what their involvement immediately felt like.
The team didn’t just point us to templates. They did the heavy lifting, producing documents that were 75% complete and only needed a few tweaks from us. For a small-to-medium-sized firm like ours, where time is always at a premium, this was invaluable.
Let’s face it, compliance documentation is boring, but it’s essential. With Verve’s help, we’ve not only made compliance more manageable but also used it as an opportunity to improve our processes and the way we deliver advice.
One of the biggest changes has been the introduction of quarterly check-ins. These sessions allow us to review all our documentation systematically. What I appreciate most is that it’s not just a tick-box exercise. It’s a dialogue. Verve will suggest the best way to approach something, and we’ll discuss whether it’s practical or relevant to us.
Their support doesn’t stop at compliance. We also chat about the business and where it’s trying to get to, and they can help us by filling in the gaps there. For example, when we recently recruited a trainee adviser, Verve stepped in to handle the competency training. Because they’re so integrated with our processes, they were able to take this on, freeing me up to focus on other areas of the business.
One of the standout features of Verve’s offering is Dextera™. I don’t use the term lightly, but again, this has been a game changer for us. Before Dextera™, we relied on Excel spreadsheets for compliance management, which was cumbersome and time-consuming. Dextera™ has streamlined everything.
The platform handles document management and compliance monitoring effortlessly. It sends email alerts for key tasks like FCA returns and document reviews, ensuring nothing slips through the cracks.
You don't have to think proactively all the time about what you might be missing.
You can add your own documentation in there too – even things like getting fire extinguishers checked. It's very easy to get into a situation where you have multiple to-do lists across multiple different systems, which then makes time management quite difficult. So to have everything in one place in the advice process is really useful.
When we first set it up, Verve pre-populated most of the data for us, so it was ready to use almost immediately. It’s intuitive and straightforward, and I can’t see how any firm would find using it a barrier.
There used to be a joke in the industry that compliance consultants were people who weren’t good advisers. That’s not the case with Verve. Their team combines deep expertise with a genuine understanding of how to support growing businesses. They’ve been through the growth journey themselves, so they know what it takes to succeed.
What I also appreciate is their transparency. With Verve, we pay a fixed compliance fee based on the number of staff we have, and that fee hasn’t changed in the four or five years we’ve worked with them.
They also offer ancillary services like file checking and paraplanning on a menu pricing system, so you always know what you’re paying upfront.
It’s not the cheapest option out there, but it’s worth it for the expertise and the quality of service they provide in the sense that it’s ‘reassuringly expensive’ - I would sooner pay a little bit more and it'd be right first time than a lower cost service and you got lower cost value out of it. You end up having to do a lot of the work yourself.
Working with Verve has completely changed the way we approach compliance. It’s no longer a burden or a source of stress. Instead, it’s an integrated part of our business that supports our growth and helps us deliver better outcomes for our clients.
If you’re looking for a compliance partner who understands your business, takes the heavy lifting off your shoulders, and brings genuine value to the table, I can’t recommend Verve enough. It just really feels as if they're on the same side as us – and they’ve shown us what’s possible when compliance is done right.
Find out more about how Verve can help your business by downloading our latest white paper The Dawn of Positive Compliance.
